Currently reading: Britishvolt deal in doubt as buyer fails to make final payment
Recharge Industries, which agreed to buy failed battery firm for £8.57m, is in default of contract, says administrator

The £8.57m deal to save failed UK battery firm Britishvolt is suddenly in doubt after Recharge Industries failed to make its final payment.

Having come in to save Britishvolt in February, the Australian battery firm was due to complete the takeover on 5 April, but the last instalment remains “unpaid and overdue”, administrator EY noted in its progress report.

“As a result, the buyer is in default of the business sale agreement," it added. 

Hope that a deal can still be reached remains, as the report concluded: “The administrators are using the protections and guarantees afforded in connection with the [business sale agreement] to pursue the outstanding amounts due from the buyer.

To access this content please subscribe

20% annual saving
Regular membership
Automatic renewal
Team membership
Price includes a 20% discount for a team of 5
See all benefits here